The result is an improved sales process that will increase placement ratios
and persistency rates while keeping producers satisfied and loyal.
Reduce the cost of sales by eliminating NIGO submissions, simplifying application processing, reducing cycle times and increasing placement ratios
Summaries can be viewed as a godsend to carriers; however, it's important to understand that using summaries shouldn't equate to a free license to blast inquiries to multiple carriers, as the blasting approach will be detrimental to placement ratios
Help them improve their placement ratios
, assist their agents with prospecting and show them how to increase efficiency and reduce costs.
The pricing trend is moving toward fully underwritten standard pricing, with the direct carriers benefiting from higher placement ratios
due to a much faster and easier process of issuing insurance.
But we need to remember that our sales have not only been flat, but our placement ratios
have been dropping over time.
This time savings results in happier clients, higher placement ratios
, decreased costs associated with the reduced number of times we have to follow up and faster commission payments.
IT constraints include slow application processing, involving multiple Web portals, email, and other connection points which can have a negative impact on new submission turnaround times and placement ratios
for new policies.